BEIJING, Nov. 27 /Xinhua-PRNewswire-FirstCall/ -- Sino Gas International Holdings, Inc. (OTC Bulletin Board: SGAS) (“Sino Gas” or the “Company”), a leading developer of natural gas distribution systems in small and medium-sized cities, as well as a distributor of natural gas to residential, commercial and industrial customers in China, today announced the appointment of Vincent Hu as its Chief Financial Officer. Mr. Hu will be responsible for the Company’s overall financial planning and controls, Chinese and U.S. GAAP compliant financial reporting, SEC filings, investor relations, merger and acquisition activities and corporate finance.
Mr. Hu brings to Sino Gas more than nine years of experience in financial and accounting management both in China and globally. Previously, he served as the Greater China Finance Director for the Kinko’s platform at FedEx from 2004 to 2007. Prior to that, he was in charge of finance at DuPont Corporation (China) Beijing Branch from 2002 to 2004. He also worked as a senior accountant at Lucent Technology Co. (China) from 2001 to 2002. Mr. Hu is an affiliate of the British Association of Charted Certified Accountants (ACCA). He graduated from Shanghai University of Finance and Economics with a bachelor’s degree in international accounting. Mr. Hu replaces Ms. Fang Chen, who resigned as the Chief Financial Officer for personal reasons but remains a director of the Company.
“We are pleased to welcome Mr. Hu as our new CFO,” said Mr. Yu-Chuan Liu, President and CEO of the Sino Gas. “With his extensive experience in finance and accounting with well-respected global companies, we believe he will be an excellent addition to the Sino Gas team as we implement our plan to expand our presence in the natural gas distribution industry in China.”
About Sino Gas International Holdings, Inc.
The Company, through its indirectly wholly-owned subsidiary, Beijing Zhong Ran Wei Ye Gas Co., Ltd. (“Beijing Gas”), and the subsidiaries of Beijing Gas, is a leading developer of natural gas distribution systems in small- and medium-sized cities in China, as well as a distributor of natural gas to residential, commercial and industrial customers in China. The company owns and operates 24 natural gas distribution systems serving approximately 70,000 residential and eight commercial and industrial customers. Facilities include approximately 700 kilometers of pipeline and delivery networks with a designed daily capacity of approximately 70,000 cubic meters of natural gas. The company is currently constructing four additional natural gas distribution systems and is planning two more natural gas distribution systems. Beijing Gas owns and operates natural gas distribution systems primarily in Hebei, Jiangsu and Shandong Provinces. For further information, visit the Company’s website at http://www.sino-gas.com .
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company’s ability to raise additional capital to finance the Company’s activities; the effectiveness, profitability, and the marketability of its products; the ability of the Company to identify attractive acquisition candidates and close on acquisitions; the period of time for which its current liquidity will enable the Company to fund its operations; the Company’s ability to protect its proprietary information; general economic and business conditions; the volatility of the Company’s operating results and financial condition; the Company’s ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
For more information, please contact:
Sino Gas International Holdings, Inc.
Mr. Brad Shao, Director of Investor Relations
Tel: +86-10-8260-0041 x883
Email: shaominglei@sino-gas.com
CCG Elite Investor Relations
Crocker Coulson, President
Tel: +1-646-213-1915/1914 (New York)
Email: crocker.coulson@ccgir.com
